Nerves got the better of Graeme McDowell yesterday, as form deserted the Northern Irishman when it mattered most at the Dubai World Championship on Earth Course.
Nerves got the better of Graeme McDowell yesterday, as form deserted the Northern Irishman when it mattered most at the Dubai World Championship on Earth Course.
Nerves got the better of Graeme McDowell yesterday, as form deserted the Northern Irishman when it mattered most at the Dubai World Championship on Earth Course.
Nerves got the better of Graeme McDowell yesterday, as form deserted the Northern Irishman when it mattered most at the Dubai World Championship on Earth Course.

Graeme McDowell not giving up just yet


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DUBAI // While the Dubai World Championship was never going to be settled in the first 18 holes, the European Tour organisers would have feared that the early exchanges at the Earth Course yesterday could render the Race to Dubai an anti-climax.

And so it proved as Graeme McDowell struggled to recapture the nerveless form that helped him clinch the US Open and the Ryder Cup this year, buckling under the pressure of his head-to-head battle with Martin Kaymer at the top of the European money list.

More than €290,000 (Dh1.42 million) clear of his Northern Irish rival before play started at Jumeirah Golf Estates yesterday morning, Kaymer achieved what he set out to do: put himself in contention to win the tournament and take a significant, five-shot advantage over McDowell in their personal showdown.

McDowell, on the other hand, fell well short of his ambitions. His first priority was to get ahead of Kaymer and he failed dismally by suffering three bogeys on the way to a level-par 72.

That rendered his other objective of either winning this US$7.5m (Dh27.5m) showpiece or finishing in the top three and relying on Kaymer to come in among the also-rans, an unlikely scenario, bearing in mind that 24 of the 60 competitors here are better-placed than McDowell after the first round.

McDowell, who has worked hard to close the cash gap on Kaymer over the last month, finds himself starting among the backmarkers this morning, seven shots off the pace being set by Sweden's Robert Karlsson, who shot a 65.

"Obviously it was a tough day," said McDowell, who was three shots behind his playing partner after three holes. "Martin got out of the traps early and left me in the dust out there.

"But I certainly haven't shot myself in the foot just yet. I'm ready to go out there tomorrow and get myself back in the golf tournament."

Standing between Kaymer, who described this week as more important to him career-wise than the one when he won the US PGA Championship in August, and the leader Karlsson is the unlikely Korean figure of Noh Seung-yul. Jaidee Thongchai of Thailand is one stroke behind Kaymer, in fourth place.

Six players are tied for fifth, including the defending champion and world No 1 Lee Westwood, who cannot repeat last year's victory in the Race to Dubai but has every intention of making a successful defence to his Dubai World Championship title.

Westwood, whose earning potential has been restricted recently by a calf injury, has still managed to retain his tournament sharpness and lamented the fact that he did not turn his score of 69 into something much better.

"I'm disappointed with 16," he said of his only bogey, "but I have played only once in the last five weeks so it's pretty good that I'm coming out here and being competitive straight away."

Westwood will accompany the in-form Ian Poulter in today's second round. Sergio Garcia and Henrik Stenson, who each showed glimpses of the form which has recently deserted them, are also bracketed together at 69, as are Charl Schwartzel, who had a hole-in-one at the sixth, and Alejandro Canizares.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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How it works

A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

If you go

Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.

Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com

A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com

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